(Slay News) – Independent journalist Matt Stoller slammed an influential Biden donor and DC think tank head over domestic manufacturing.
Matt said: “Another astonishing clip from the Cato Institute event today, this one from the influential Adam Posen, head of the Peterson Institute. He says a focus on domestic manufacturing is simply a “fetish for keeping white males with low education in the powerful positions they are in.”
In the clip below Posen says: “I am gonna piss off both the left and the city. So I apologize. That the fetish for manufacturing is part of a general fetish for keeping white males of low education outside the cities in the powerful positions they are in the USA. That is really what’s going on here because when you look at the cost of manufacturing…”
Matt said: “I can’t think of a better recipe for inducing racial tension than having D.C. elites financed by Wall Street pushing offshoring and then saying that anyone who opposes having their community and livelihood destroyed is racist.”
Rana Foroohar, a reporter with FT, said:
“It’s stunning how out of touch most economists are with how business actually works. Or in this case, geopolitics. If you are a country today with no ability to make crucial goods or access them from allied nations, God help you.”
Matt said: “This is such an important point. Being able to make things is essential for a society to survive.
Another astonishing clip from the Cato Institute event today, this one from the influential Adam Posen, head of the Peterson Institute. He says a focus on domestic manufacturing is simply a “fetish for keeping white males with low education in the powerful positions they are in.” pic.twitter.com/ii4F0ssAjY
— Matt Stoller (@matthewstoller) October 6, 2022
“Much of the political world has moved on from the contempt for manufacturing, which is why Posen attacked both Biden and Trump. But these ideas are so bad.”
If that sounds bad it gets worse for the ivory tower crowd, Posen is wrong. Matt said:
“Aside from immensely offensive, it’s not correct. Here’s a fact-check:
Daniel Rangel said:
“Hard to believe but @AdamPosen in an event at #CatoEcon is saying that folks that care about manufacturing jobs have a white macho fetiche… really! Putting aside how egregious is to hear this from a notorious white guy, a short thread with some facts.
“@WSpriggs and his team ECONOMETRICALLY showed that the decimation of US manufacturing caused by the China trade shock increased racial inequality considering the change in the share of Black employment and Black hire rate in the most affected areas.
“Last year, while at @Public_Citizen, we did some calculations and found that Black and Latino workers were disproportionately represented in nine out of the 10 manufacturing industries that were hit hardest by import competition.
“Millions of workers in these sectors lost their jobs. Plus, in these industries, where again a disproportionate number of Latinos and African Americans worked, wages remained basically stagnant during the last 3 decades. Sectors less exposed to trade had slight wage gains.
“I have heard a lot of arguments to attack the intention to craft a renewed trade policy that contributes to widely distributing opportunities of economic prosperity in the US and abroad but associating it to a white macho fetiche is just desperate”
The disdain for working class Americans with "low education" is real.
They might not have a PhD in the grievance studies but damn it can they harvest crops, fix a tractor and be self sufficient while guys like Adam Posen enjoy the fruits of their labor. https://t.co/Jj3ldoAoYO
— 16th & 17th District Chicago Police Scanner (@CPD1617Scanner) October 6, 2022
Last year, while at @Public_Citizen, we did some calculations and found that Black and Latino workers were disproportionately represented in nine out of the 10 manufacturing industries that were hit hardest by import competition. (3/).https://t.co/G9xFAmBBGB pic.twitter.com/pIAzpkBgsh
— Daniel Rangel (@DanielRangelJ) October 6, 2022